Bitcoin climbed into the $90,000 zone amid a fresh cryptocurrency rally, supported by rising optimism after the state of Texas deepened its involvement with the world’s largest digital asset.
The flagship cryptocurrency advanced 2.70% within 24 hours to reach $90,170, according to live trading data, even though overall trading volume slipped 3.2% to $63.44 billion. Analysts attribute the upbeat sentiment to Texas’ recent acquisition of Bitcoin through BlackRock’s spot ETF, a move that allows the state to gain exposure without holding the asset directly.
Crypto experts note that the decision highlights growing state-level trust in regulated digital investment vehicles, signalling a shift toward incorporating Bitcoin into traditional financial strategies. The development reinforces Bitcoin’s standing as a macroeconomic asset, although some retail investors are beginning to rotate toward blockchain infrastructure innovations such as Bitcoin Hyper — a Layer 2 network leveraging Solana’s SVM to expand DeFi capabilities.
The renewed buying momentum follows earlier remarks from Texas State Senator Charles Schwertner, who in October suggested that Ethereum could be added to the state’s crypto reserves if it sustains a $500 billion market capitalization for at least 24 months. He argued that long-term stability would make its inclusion both practical and responsible.
Bitcoin’s latest upward movement pushed its market capitalization to $1.79 trillion as of Wednesday, according to data from CoinMarketCap. With the rebound, Bitcoin and several altcoins have helped lift the overall cryptocurrency market value back above the $3 trillion threshold after slipping below that level during intense selling pressure.
Overall market data shows the crypto ecosystem advanced 2.46% in the last 24 hours, trimming part of a steep 30-day decline of 18.12%. Analysts say the rebound followed a recovery from oversold territory, with the crypto RSI14 sitting at 31.89 near a critical Fibonacci support level of $3.09 trillion.
Despite the positive trajectory, Bitcoin liquidations jumped sharply, rising 288% in one day as $10.66 million in long positions were erased. Adding to market speculation, Kevin Hassett — a Coinbase advisor known for advocating swift monetary easing — is now viewed as the leading contender to succeed Jerome Powell as Federal Reserve Chair.
Market analysts suggest that Hassett’s potential appointment could pave the way for accelerated interest rate cuts in 2026, an outcome historically supportive of risk assets such as cryptocurrencies by weakening their correlation with tech stocks.
Meanwhile, traders caution that Bitcoin’s recent gains could face short-term resistance as 21Shares undertakes a shift in Bitcoin custody while transferring its ETP assets to Standard Chartered, a move that may trigger institutional sell-offs.
